Chennai: Engineering firm Greaves Cotton Ltd on Thursday said it has increased its stake in Coimbatore-based Ampere Vehicles making the completion of the acquisition.
Greaves Cotton announced the completion of the acquisition of entire shareholding of Ampere Vehicles CEO, Hemalatha Annamalai through secondary purchase thereby taking absolute control in Ampere Vehicles, a company statement said.
“This is part of Greaves’ long-term strategy to strengthen and expand its presence in last-mile e-mobility space…,” a company statement said.
Greaves Cotton, in 2018, first picked up 67.34 per cent stake in Ampere Vehicles for Rs 77 crore.
In July, the company picked additional 13.89 per cent stake in Ampere Vehicles for Rs 38.5 crore by way of primary and secondary share purchases.
“Greaves Cotton is looking to leverage its position as the leader in providing last mile solutions by playing a pivotal role in enhancing the pace of India’s transition to electric mobility,” Greaves Cotton Ltd, MD and CEO, Nagesh Basavanhalli said.
“Our strategic acquisition of Ampere one of the leading brands in the personal and last mile mobility electric vehicles segment, is part of a larger vision to helm renewable energy revolution in the country,” he said.
Following the acquisition, Ampere Vehicles is now part of the e-Mobility division of Greaves Cotton with significant presence in electric two-wheeler industry over the last 10 years.
Over the last 10 months, Ampere Vehicles has seen significant growth in market share and the exclusive outlets selling Ampere electric scooters have gone up from 75 to over 180 which includes 350-plus outlets including retail stores by Greaves.
In the next phase of planned initiatives to make Ampere India’s most preferred EV brand, as part of Greaves’ company-wide push towards Make in India campaign, the company would continue to innovate towards greater design efficiencies and seek to build strategic partnerships, it added.